It’s been a bit shocking this week to see the national foreclosure rate increase 12% this past month. Renae Stucki Realtor is watching the numbers closely to follow the trend and determine the impact on Southern Utah and our market.
Before we give you any cause to be alarmed, it’s important to realize this increase is still 33% less than it was last year at this time. And more importantly, it’s a national trend rather than a local one. The rate of foreclosure in our area is still showing signs of decreasing rather than increasing.
So what does this mean for you?
It indicates a strong economy in Southern Utah and Utah in general. It also means the inventory on the market right now is comprised of new home sales and conventional sales rather than distressed properties.
For the time being, buyers in this area can still expect to find stable mortgage rates and a steadily recovering inventory of properties to choose from. There won’t be an abundance of short sales coming on the market. That may affect investors ability to purchase cheaper product. But it also means we won’t have more distressed homes coming up for sale.
There’s a lot to be said for living in a state that’s escaped some of the ups and downs market instability has created during the recession. Another reason for you to consider buying a home in Southern Utah.
Why not call Renae Stucki today and find your own piece of stability in a crazy world. Southern Utah is the ideal place to call home. You belong here. Buy your part of the world today.
